Expensive properties struggle to find buyers this spring

Analysis by the data company TwentyCi shows that pricier properties are proving hard to sell this spring, with demand for homes above £1.5m increasing by only 7%. In contrast, demand for mid-market homes valued between £260,000 and £749,999 is up 18% year on year. The research also reveals that the proportion of properties being sold decreases as prices rise, with only 16.6% of homes priced at £5m-plus selling in the first quarter of 2024. Buyers are prioritising value for money and are willing to move further to find affordable properties, the analysis shows. Londoners, in particular, are prepared to move the furthest, with an average distance of 7.9 miles. The easiest areas to sell property are found in Glasgow, while the most challenging areas include parts of London and Birmingham suburbs. 

The Times (20/04/2024)